When I was a special ed teacher I had a self contained autism room. They sent me KY jelly. I would put it up and laugh about why they were sending me this stuff. Turns out it was for chapping. It's a water base so it's not as irritating as petroleum based products and it actually adds moisture to chapped skin and lips, while it protects. Don't use a ton but just enough to wet the lips or skin. It actually works really well. Not that I want to carry a tube around in my purse to use, but it might work better overnight than the vasiline or mentholatum.
Personally I use Cliniques moisture balm. It's great, but pricey.